Bitcoin (CRYPTO: BTC) dropped below $70,000 on Friday morning after the U.S. economy unexpectedly shed 92,000 jobs in February, and macro analyst Benjamin Cowen warned the March rally was a textbook bull trap that may now be over.
What Happened
Nonfarm payrolls came in at negative 92,000, far below the 59,000 consensus and a sharp reversal from January’s revised 126,000 gain. Unemployment rose to 4.4%.
The SPDR S&P 500 ETF Trust (NYSE:SPY) fell below 6,800 as oil headed for its biggest weekly gain since the early days of the Ukraine war.
Cowen argues the Fed is now trapped.
It cannot cut rates aggressively to save the labor market because energy prices are surging amid the Iran conflict.
Job openings per unemployed worker have dropped below 1.0 and the U.S. has …Full story available on Benzinga.com
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